Today in Brussels, EU member states’ ambassadors confirmed the agreement reached by the Irish Presidency with the European Parliament on new European mortgage credit rules.
The Mortgage Credit Directive aims to further the creation of an efficient and competitive internal market, in particular by facilitating cross-border activity as well as promoting broader financial stability by ensuring more responsible lending of mortgage credit.
This agreement will create new rules and will strengthen the rights of future mortgage holders. It includes a number of measures that will mean more information and better protection for consumers, such as improved information to consumers, new rules on advertising to provide clearer information, and new rules in the areas of arrears and foreclosures.
The agreement on this important file marks the achievement of another key Presidency goal, contributing to consumer protection and strengthening Europe’s mortgage system.
READ: Earlier agreement reached by the Irish Presidency with the European Parliament